Teens
Ask many people today and they will tell you their teenage years were the best of their lives. However, most of us know that being a teenager has several disadvantages. Peer pressure, changing hormones and figuring out your place in the world can take its toll. Managing your money can also be a stressful experience. Perhaps you have a part time job and are trying to save money for college? Or maybe you're simply enjoying going out with your friends and spending your money on music, clothes and magazines?
Regardless of what you spend your money on, your teenage years are the perfect time to start developing a responsible attitude toward financial management. The skills you learn now will set the pattern for the rest of your adult life.
One of the biggest problems many teenagers experience is managing their credit cards. There are several factors you need to weigh up if you're considering taking out a credit card. You need to ensure that you research your card thoroughly before you apply for it, including the fine print. You should be confident that you can meet your monthly repayments or pay your bill off in full each month, thereby avoiding interest charges.
Make sure the financial institution that provides you with the credit card is one you trust. Building a strong relationship with your bank at this stage in your life can assist you in obtaining loans and other services in the future. Choose a bank that is easy to deal with and will treat you like a valued customer.
Along with credit cards, you should think about opening a high interest savings account. Most teens living at home have few outgoings. If you're working, make sure you dedicate a portion of your wage to savings. The money you save now will help toward college and may mean that you borrow less in the future.
For more infomation on providing through the major life stages choose from the list below. |
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Banking - Business Finances - Economics - Insurance - Investing
Major Purchases - Personal Finances - Stock Market - Taxes
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